Ceres Tactical Commodity 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	ck0001325676
Entity Registrant Name	MANAGED FUTURES PREMIER AVENTIS II L.P.
Entity Central Index Key	1,325,676
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		118,486.4887

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Sep. 30, 2015	Dec. 31, 2014
Assets:
Investment in MB Master(1), at fair value	[1]	$ 164,715,103	$ 209,288,768
Cash		242,130	172,531
Total assets		164,957,233	209,461,299
Accrued expenses:
Ongoing selling agent fees		274,929	349,102
Management fees		171,279	217,637
General Partner fees		137,023	174,110
Other		254,389	180,684
Redemptions payable to General Partner		150,000
Redemptions payable to Limited Partners		1,864,187	5,664,407
Total liabilities		2,851,807	6,585,940
Partners' Capital:
General Partner, 1,310.9445 and 1,648.4455 Redeemable Units outstanding at September 30, 2015 and December 31, 2014, respectively		1,743,316	2,304,961
Limited Partners, 120,589.6857 and 143,442.4917 Redeemable Units outstanding at September 30, 2015 and December 31, 2014, respectively		160,362,110	200,570,398
Total partners' capital		162,105,426	202,875,359
Total liabilities and partners' capital		$ 164,957,233	$ 209,461,299
Net asset value per unit		$ 1,329.82	$ 1,398.26
[1]	Defined in Note 1.

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
General Partner, Redeemable Units outstanding	1,310.9445	1,648.4455
Limited Partners, Redeemable Units outstanding	120,589.6857	143,442.4917

Statements of Income and Expens

Statements of Income and Expenses and Changes in Partners' Capital - USD ($)		Total	General Partner [Member]	Limited Partners [Member]
Trading Results:
Net asset value per unit (121,900.6302 and 150,519.6572 Redeemable Units outstanding at September 30, 2015 and 2014, respectively)				$ 1,448.01
Interest income allocated from Master		$ 28,631
Expenses allocated from Master		3,407,187
Ongoing selling agent fees		5,213,675
Management fees		2,312,803
General Partner fees		882,581
Other		296,429
Total expenses		12,112,675
Net investment income (loss)		(12,084,044)
Net realized gains (losses) on closed contracts allocated from Master		14,834,480
Net change in unrealized gains (losses) on open contracts allocated from Master		(2,871,377)
Total trading results allocated from Master		11,963,103
Net income (loss)		(120,941)
Subscriptions-Limited Partners		8,418,459
Redemptions			$ (650,092)	$ (48,390,649)
Net increase (decrease) in Partners' Capital		(40,743,223)
Partners' Capital, beginning of period at Dec. 31, 2013		259,723,302
Partners' Capital, end of period at Sep. 30, 2014		$ 218,980,079
Trading Results:
Net income (loss) per unit	[1]	$ 6.82
Weighted average units outstanding		166,152.5670
Net asset value per unit (121,900.6302 and 150,519.6572 Redeemable Units outstanding at September 30, 2015 and 2014, respectively)				$ 1,403.23
Interest income allocated from Master		$ 5,652
Expenses allocated from Master		1,068,413
Ongoing selling agent fees		1,410,877
Management fees		703,692
General Partner fees		281,477
Other		114,218
Total expenses		3,578,677
Net investment income (loss)		(3,573,025)
Net realized gains (losses) on closed contracts allocated from Master		10,888,753
Net change in unrealized gains (losses) on open contracts allocated from Master		770,554
Total trading results allocated from Master		11,659,307
Net income (loss)		8,086,282
Subscriptions-Limited Partners		1,461,365
Redemptions			(650,092)	$ (11,635,592)
Net increase (decrease) in Partners' Capital		(2,738,037)
Partners' Capital, beginning of period at Jun. 30, 2014		221,718,116
Partners' Capital, end of period at Sep. 30, 2014		$ 218,980,079
Trading Results:
Net income (loss) per unit	[1]	$ 51.60
Weighted average units outstanding		155,778.3785
Net asset value per unit (121,900.6302 and 150,519.6572 Redeemable Units outstanding at September 30, 2015 and 2014, respectively)		$ 1,454.83		$ 1,454.83
Net asset value per unit (121,900.6302 and 150,519.6572 Redeemable Units outstanding at September 30, 2015 and 2014, respectively)		$ 1,398.26		$ 1,398.26
Interest income allocated from Master		$ 8,960
Expenses allocated from Master		2,485,011
Ongoing selling agent fees		2,928,047
Management fees		1,824,788
General Partner fees		1,459,830
Other		335,629
Total expenses		9,033,305
Net investment income (loss)		(9,024,345)
Net realized gains (losses) on closed contracts allocated from Master		5,345,524
Net change in unrealized gains (losses) on open contracts allocated from Master		(4,571,181)
Total trading results allocated from Master		774,343
Net income (loss)		(8,250,002)
Subscriptions-General Partner		124,831
Subscriptions-Limited Partners		11,394,455
Redemptions			(596,636)	$ (43,442,581)
Net increase (decrease) in Partners' Capital		(40,769,933)
Partners' Capital, beginning of period at Dec. 31, 2014		202,875,359
Partners' Capital, end of period at Sep. 30, 2015		$ 162,105,426
Trading Results:
Net income (loss) per unit	[1]	$ (68.44)
Weighted average units outstanding		138,641.9149
Net asset value per unit (121,900.6302 and 150,519.6572 Redeemable Units outstanding at September 30, 2015 and 2014, respectively)				$ 1,395.66
Interest income allocated from Master		$ 2,231
Expenses allocated from Master		982,209
Ongoing selling agent fees		872,512
Management fees		543,578
General Partner fees		434,863
Other		150,213
Total expenses		2,983,375
Net investment income (loss)		(2,981,144)
Net realized gains (losses) on closed contracts allocated from Master		(7,700,628)
Net change in unrealized gains (losses) on open contracts allocated from Master		2,353,105
Total trading results allocated from Master		(5,347,523)
Net income (loss)		(8,328,667)
Subscriptions-Limited Partners		147,550
Redemptions			$ (150,000)	$ (12,858,954)
Net increase (decrease) in Partners' Capital		(21,190,071)
Partners' Capital, beginning of period at Jun. 30, 2015		183,295,497
Partners' Capital, end of period at Sep. 30, 2015		$ 162,105,426
Trading Results:
Net income (loss) per unit	[1]	$ (65.84)
Weighted average units outstanding		127,691.0152
Net asset value per unit (121,900.6302 and 150,519.6572 Redeemable Units outstanding at September 30, 2015 and 2014, respectively)		$ 1,329.82		$ 1,329.82
[1]	Represents the change in net asset value per unit during the period.

Statements of Income and Expen5

Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) - shares	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net asset value per Redeemable units outstanding	121,900.6302	150,519.6572

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization: Managed Futures Premier Aventis II L.P. (formerly known as Bristol Energy Fund L.P.) (the “Partnership”) is a limited partnership organized on April 20, 2005 under the partnership laws of the State of New York to engage, directly or indirectly, in the speculative trading of commodity interests on U.S. and international futures, options on futures and forward markets. The Partnership may also engage, directly or indirectly, in swap transactions and other derivative transactions with the approval of the General Partner (defined below). Initially, the Partnership’s investment strategy focused on energy and energy-related investments. While the Partnership is expected to continue to have significant exposure to energy and energy-related markets, such trading will no longer be the Partnership’s primary focus. Therefore, the Partnership’s past trading performance will not necessarily be indicative of future results. The commodity interests that are traded by the Partnership, through its investment in MB Master Fund L.P. (“MB Master” or the “Master”), are volatile and involve a high degree of market risk. The General Partner may also determine to invest up to all of the Partnership’s assets in United States (“U.S.”) Treasury bills. During the initial offering period, the Partnership sold 11,925 redeemable units (“Redeemable Units”). The Partnership commenced trading on September 6, 2005. The Partnership privately and continuously offers Redeemable Units to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSB Holdings, and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup Inc. As of September 30, 2015, all trading decisions for the Partnership are made by Aventis Asset Management, LLC (“Aventis” or the “Advisor”). As of September 30, 2015, the Partnership’s/MB Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. On February 1, 2013, the Partnership allocated substantially all of its capital to MB Master, a limited partnership organized under the partnership laws of the State of Delaware. The Partnership purchased an interest in MB Master with cash equal to $262,944,186. MB Master permits accounts managed by Aventis using its Aventis Diversified Commodity Strategy, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner is also the general partner of the Master. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of the Master. The General Partner and the Advisor believe that trading through this structure should promote efficiency and economy in the trading process. Expenses to investors as a result of the investment in the Master are approximately the same as if the Partnership traded directly and redemption rights are not affected. The General Partner is not aware of any material changes to Aventis Diversified Commodity Strategy during the fiscal quarter ended September 30, 2015. MB Master has entered into a futures brokerage account agreement with MS&Co. The Partnership has also entered into a futures brokerage account agreement with MS&Co. The Partnership, through its investment in MB Master, pays MS&Co. trading fees for the clearing and, where applicable, execution of transactions as well as exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (the “clearing fees”). The Partnership has also entered into a selling agreement with Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“Morgan Stanley Wealth Management”). Pursuant to the selling agreement, Morgan Stanley Wealth Management receives a monthly ongoing selling agent fee equal to 2.00% per year of the Partnership’s adjusted month-end net assets. The ongoing selling agent fee received by Morgan Stanley Wealth Management is shared with the properly registered or exempted financial advisors of Morgan Stanley Wealth Management who have sold Redeemable Units in the Partnership. Effective April 1, 2014, the monthly ongoing selling agent fee was reduced from an annual rate of 3.75% to an annual rate of 2.50%. Effective October 1, 2014, the monthly ongoing selling agent fee was reduced from an annual rate of 2.50% to its current annual rate of 2.00%. As of the same date, the General Partner fee (formerly, the administrative fee) was increased from an annual rate of 0.5% to an annual rate of 1.0%. The October 1, 2014 fee changes offset each other and, accordingly, there was no change to the aggregate fees incurred by the Partnership. In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a Master Services Agreement, the Administrator will furnish certain administrative, accounting, regulatory, reporting, tax and other services as agreed from time to time. In addition, the Administrator will maintain certain books and records of the Partnership. The costs of retaining the Administrator will be allocated among the pools operated by the General Partner, including the Partnership.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2015, and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2015 and 2014. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2014. The December 31, 2014 information has been derived from the audited financial statements as of and for the year ended December 31, 2014. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. Certain prior period amounts have been reclassified to conform to current period presentation. In the financial highlights for the Partnership, ongoing selling agent fees and clearing fees allocated from Master, which were previously included in net realized and unrealized gains (losses) per unit and excluded from expenses per unit, are now excluded from net realized and unrealized gains (losses) per unit and included in net investment loss per unit. This information was previously included as a footnote to the financial highlights table. At September 30, 2015, the Partnership owned approximately 86.8% of MB Master. At December 31, 2014, the Partnership owned approximately 91.7% of MB Master. It is the Partnership’s intention to continue to invest substantially all of its assets in the Master. The performance of the Partnership is directly affected by the performance of the Master. MB Master’s trading of futures, forwards and option contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. The Master engages in such trading through a commodity brokerage account maintained with MS&Co. The Master’s Statements of Financial Condition, Condensed Schedules of Investments and Statements of Income and Expenses and Changes in Partners’ Capital are included herein. The General Partner and each limited partner share in the profits and losses of the Partnership, in proportion to the amount of Partnership interest owned by each, except that no limited partner is liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions and losses, if any. Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Partnership’s Investment: Master’s Investments: All commodity interests held by the Master, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Master’s Statements of Financial Condition. Net realized gains or losses and any net change in unrealized gains or losses from the preceding period are reported in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital. Master’s Cash Investment Company Status: Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements Income Taxes: Net Income (loss) per unit: Recent Accounting Pronouncement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014. MB Master’s Statements of Financial Condition and Condensed Schedules of Investments as of September 30, 2015 and December 31, 2014 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and nine months ended September 30, 2015 and 2014 are presented below. MB Master Fund L.P. Statements of Financial Condition (Unaudited) September 30, December 31, 2015 2014 Assets: Equity in trading account: Cash $ 181,239,882 $ 225,656,546 Cash margin 5,482,537 11,952,370 Net unrealized appreciation on open futures contracts - 2,122,505 Net unrealized appreciation on open forward contracts 519,648 - Options purchased, at fair value (cost $15,270,335 and $11,720,470 at September 30, 2015 and December 31, 2014, respectively) 11,759,344 11,717,392 Total trading equity 199,001,411 251,448,813 Expense reimbursement 22,183 3,774 Total assets $ 199,023,594 $ 251,452,587 Liabilities and Partners’ Capital: Liabilities: Net unrealized depreciation on open futures contracts $ 367,902 $ - Options written, at fair value (premium $9,958,687 and $13,275,727 at 8,784,653 12,526,839 Accrued expenses: Clearing fees due to MS&Co. - 31,358 Professional fees 40,538 56,368 Redemptions payable - 10,689,151 Total liabilities 9,193,093 23,303,716 Partners’ Capital: General Partner - - Limited Partners 189,830,501 228,148,871 Total liabilities and partners’ capital $ 199,023,594 $ 251,452,587 MB Master Fund L.P. Condensed Schedule of Investments September 30, 2015 (Unaudited) Number % of Partners’ of Contracts Fair Value Capital Futures Contracts Purchased Energy 677 $ (887,660) (0.47) % Grains 5,453 2,881,775 1.52 Livestock 73 (91,985) (0.05) Softs 842 162,607 0.09 Total futures contracts purchased 2,064,737 1.09 Futures Contracts Sold Energy 677 843,550 0.44 Grains 5,573 (3,277,976) (1.72) Softs 773 1,787 0.00 * Total futures contracts sold (2,432,639) (1.28) Net unrealized depreciation on open futures contracts $ (367,902) (0.19) Unrealized Appreciation on Open Forward Contracts Metals 342 $ 2,072,778 1.09 Total unrealized appreciation on open forward contracts 2,072,778 1.09 Unrealized Depreciation on Open Forward Contracts Metals 256 (1,553,130) (0.82) Total unrealized depreciation on open forward contracts (1,553,130) (0.82) Net unrealized appreciation on open forward contracts $ 519,648 0.27 Options Purchased Calls Energy 5,624 $ 5,058,620 2.66 Grains 6,001 3,510,263 1.85 Softs 4,504 1,946,135 1.03 Puts Energy 482 154,240 0.08 Grains 1,549 469,994 0.25 Livestock 196 11,760 0.01 Softs 747 608,332 0.32 Total options purchased (cost $15,270,335) $ 11,759,344 6.20 Options Written Calls Energy 3,488 $ (5,567,880) (2.93) Grains 1,919 (1,632,738) (0.86) Softs 2,511 (311,157) (0.17) Puts Energy 482 (289,200) (0.15) Grains 1,908 (672,025) (0.36) Softs 679 (311,653) (0.16) Total options written (premium $9,958,687) $ (8,784,653) (4.63) Net fair value $ 3,126,437 1.65 % * Due to rounding MB Master Fund L.P. Condensed Schedule of Investments December 31, 2014 Number % of Partners’ of Contracts Fair Value Capital Futures Contracts Purchased Energy RBOB Gasoline April 15 - June 15 1,662 $ (26,440,042) (11.59) % Other 103 (781,530) (0.34) Grains 1,918 (1,106,332) (0.49) Softs 122 (143,685) (0.06) Total futures contracts purchased (28,471,589) (12.48) Futures Contracts Sold Energy NY Harbor ULSD June 15 989 24,702,136 10.83 Other 774 5,085,247 2.23 Grains 2,283 441,864 0.19 Livestock 590 348,405 0.15 Softs 259 16,442 0.01 Total futures contracts sold 30,594,094 13.41 Net unrealized appreciation on open futures contracts $ 2,122,505 0.93 Options Purchased Calls Energy 732 $ 104,920 0.05 Grains 1,987 3,975,845 1.74 Livestock 802 1,404,320 0.62 Softs 1,720 985,384 0.43 Puts Grains 2,292 2,069,042 0.91 Livestock 1,674 842,340 0.37 Softs 375 2,335,541 1.02 Total options purchased (cost $11,720,470) $ 11,717,392 5.14 Options Written Calls Grains 1,987 $ (5,323,670) (2.33) Livestock 802 (2,728,990) (1.20) Softs 2,468 (318,207) (0.14) Puts Energy 246 (678,960) (0.30) Grains 1,222 (259,655) (0.11) Softs 375 (3,217,357) (1.41) Total options written (premium $13,275,727) $ (12,526,839) (5.49) Net fair value $ 1,313,058 0.58 % MB Master Fund L.P. Statements of Income and Expenses and Changes in Partners’ Capital (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Investment Income: Interest income $ 2,752 $ 6,660 $ 10,438 $ 34,166 Expenses: Clearing fees 1,115,875 1,193,921 2,738,644 3,833,324 Professional fees 21,644 24,418 69,867 79,484 Total expenses 1,137,519 1,218,339 2,808,511 3,912,808 Expense reimbursements (58,000) (14,265) (94,462) (42,487) Net expenses 1,079,519 1,204,074 2,714,049 3,870,321 Net investment income (loss) (1,076,767) (1,197,414) (2,703,611) (3,836,155) Trading results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (8,882,045) 12,412,338 5,481,775 16,956,772 Net change in unrealized gains (losses) on open contracts 2,679,213 880,046 (5,053,526) (3,467,502) Total trading results (6,202,832) 13,292,384 428,249 13,489,270 Net income (loss) (7,279,599) 12,094,970 (2,275,362) 9,653,115 Subscriptions—Limited Partners 3,982,550 1,661,365 23,869,677 9,181,027 Redemptions—Limited Partners (23,602,913) (17,194,012) (59,903,164) (75,585,398) Distribution of interest income to feeder funds (1,835) (6,660) (9,521) (34,166) Net increase (decrease) in Partners’ Capital (26,901,797) (3,444,337) (38,318,370) (56,785,422) Partners’ Capital, beginning of period 216,732,298 258,489,552 228,148,871 311,830,637 Partners’ Capital, end of period $ 189,830,501 $ 255,045,215 $ 189,830,501 $ 255,045,215

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net realized and unrealized gains (losses) $ (42.50) $ 74.53 $ (3.14) $ 79.21 Net investment loss (23.34) (22.93) (65.30) (72.39) Increase (decrease) for the period (65.84) 51.60 (68.44) 6.82 Net asset Value per Unit, beginning of period 1,395.66 1,403.23 1,398.26 1,448.01 Net asset value per Unit, end of period $ 1,329.82 $ 1,454.83 $ 1,329.82 $ 1,454.83 Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Ratios to Average Net Assets:* Net investment loss** (6.8) % (6.4) % (6.3) % (7.0) % Operating expense 6.9 % 6.4 % 6.3 % 7.0 % Incentive fees - % - % - % - % Total expenses and incentive fees 6.9 % 6.4 % 6.3 % 7.0 % Total return: Total return before incentive fees (4.7) % 3.7 % (4.9) % 0.5 % Incentive fees - % - % - % - % Total return after incentive fees (4.7) % 3.7 % (4.9) % 0.5 % * Annualized (except for incentive fees, if applicable) ** Interest income allocated from Master less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets of the Partnership and includes the income and expenses allocated from the Master. Financial Highlights of the Master: Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Ratios to average net assets: 1 Net investment loss 2 (2.1)% (1.8)% (1.6)% (1.9)% Operating expenses before expense reimbursements 2.2 % 1.9 % 1.7 % 1.9 % Expense reimbursements (0.1)% (0.0)% 3 (0.1)% (0.0)% 3 Operating expenses after expense reimbursements 2.1 % 1.9 % 1.6 % 1.9 % Total return (3.5)% 4.8 % (1.4)% 4.1 % 1 Annualized. 2 Interest income less total expenses, net of expense reimbursements. 3. Due to rounding. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets.

Trading Activities

Trading Activities	9 Months Ended
	Sep. 30, 2015
Brokers and Dealers [Abstract]
Trading Activities	4. Trading Activities: The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The Partnership invests substantially all of its assets through a “master/feeder” structure. The Partnership’s pro-rata share of the results of the Master’s trading activities are shown in the Statements of Income and Expenses and Changes in Partners’ Capital. The customer agreement among the Partnership, MS&Co. and the Master gives the Partnership and the Master, respectively, the legal right to net unrealized gains and losses on open futures, forward and option contracts. The Master nets, for financial reporting purposes, the unrealized gains and losses on open futures, forward and option contracts on the Statements of Financial Condition as the criteria under Accounting Standards Codification 210-20, “Balance Sheet,” Trading and transaction fees are based on the number of trades executed by the Advisor for the Master and the Partnership’s percentage ownership of the Master. All clearing fees paid to MS&Co. are borne by the Master and allocated to the Partnership. All of the commodity interests owned by the Master are held for trading purposes. The monthly average number of futures contracts traded during the three months ended September 30, 2015 and 2014 were 12,360 and 10,669, respectively. The monthly average number of futures contracts traded during the nine months ended September 30, 2015 and 2014 were 10,066 and 13,140, respectively. The monthly average number of option contracts traded during the three months ended September 30, 2015 and 2014 were 28,900 and 41,463, respectively. The monthly average number of option contracts traded during the nine months ended September 30, 2015 and 2014 were 29,168 and 65,060, respectively. The monthly average number of metals forward contracts traded during the three months ended September 30, 2015 and 2014 were 1,701 and 0, respectively. The monthly average number of metals forward contracts traded during the nine months ended September 30, 2015 and 2014 were 865 and 0, respectively. There were no direct investments at September 30, 2015 and December 31, 2014. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2015 and December 31, 2014, respectively. Gross Amounts Not Offset in the Gross Amounts Offset Amounts Presented Statements of Financial Condition Gross Amounts in the Statements of in the Statements of Financial Cash Collateral September 30, 2015 Recognized Financial Condition Financial Condition Instruments (Received)/Pledged 1 Net Amount Assets: Futures $ 4,830,370 $ (4,830,370) $ - $ - $ - $ - Forwards 2,072,778 (1,553,130) 519,648 - - 519,648 Options purchased 11,759,344 - 11,759,344 (8,784,653) - 2,974,691 Total assets 18,662,492 (6,383,500) 12,278,992 (8,784,653) - 3,494,339 Liabilities: Futures $ (5,198,272) $ 4,830,370 $ (367,902) $ - $ - $ (367,902) Forwards (1,553,130) 1,553,130 - - - - Options written (8,784,653) - (8,784,653) 8,784,653 - - Total liabilites (15,536,055) 6,383,500 (9,152,555) 8,784,653 - (367,902) Net fair value $ 3,126,437 1 Gross Amounts Not Offset in the Gross Amounts Offset Amounts Presented Statements of Financial Condition Gross Amounts in the Statements of in the Statements of Financial Cash Collateral December 31, 2014 Recognized Financial Condition Financial Condition Instruments (Received)/Pledged 1 Net Amount Assets: Futures $ 31,357,685 $ (29,235,180) $ 2,122,505 $ - $ - $ 2,122,505 Options purchased 11,717,392 - 11,717,392 (11,717,392) - - Total assets 43,075,077 (29,235,180) 13,839,897 (11,717,392) - 2,122,505 Liabilities: Futures $ (29,235,180) $ 29,235,180 $ - $ - $ - $ - Options written (12,526,839) - (12,526,839) 11,717,392 - (809,447) Total liabilites (41,762,019) 29,235,180 (12,526,839) 11,717,392 - (809,447) Net fair value $ 1,313,058 1 1 In the event of default by the Master, MS&Co., the Master’s commodity futures broker and the sole counterparty to the Master’s off-exchange-traded contracts, as applicable, has the right to offset the Master’s obligation with the Master’s cash held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Master is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Master’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default. The following tables indicate the Master’s gross fair values of derivative instruments of futures, forward and option contracts as separate assets and liabilities as of September 30, 2015 and December 31, 2014, respectively. September 30, 2015 Assets Futures Contracts Energy $ 843,550 Grains 3,205,403 Softs 781,417 Total unrealized appreciation on open futures contracts $ 4,830,370 Liabilities Futures Contracts Energy $ (887,660) Grains (3,601,604) Livestock (91,985) Softs (617,023) Total unrealized depreciation on open futures contracts $ (5,198,272) Net unrealized depreciation on open futures contracts $ (367,902) * Assets Forward Contracts Metals $ 2,072,778 Total unrealized appreciation on open forward contracts $ 2,072,778 Liabilities Forward Contracts Metals $ (1,553,130) Total unrealized depreciation on open forward contracts $ (1,553,130) Net unrealized appreciation on open forward contracts $ 519,648 ** Assets Options Purchased Energy $ 5,212,860 Grains 3,980,257 Livestock 11,760 Softs 2,554,467 Total options purchased $ 11,759,344 *** Liabilities Options Written Energy $ (5,857,080) Grains (2,304,763) Softs (622,810) Total options written $ (8,784,653) **** * This amount is in “Net unrealized depreciation on open futures contracts” on the Master’s Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” on the Master’s Statements of Financial Condition. *** This amount is in “Options purchased, at fair value” on the Master’s Statements of Financial Condition. **** This amount is in “Options written, at fair value” on the Master’s Statements of Financial Condition. December 31, 2014 Assets Futures Contracts Energy $ 29,821,382 Grains 1,137,234 Livestock 360,642 Softs 38,427 Total unrealized appreciation on open futures contracts $ 31,357,685 Liabilities Futures Contracts Energy $ (27,255,571) Grains (1,801,702) Livestock (12,237) Softs (165,670) Total unrealized depreciation on open futures contracts $ (29,235,180) Net unrealized appreciation on open futures contracts $ 2,122,505 * Assets Options Purchased Energy $ 104,920 Grains 6,044,887 Livestock 2,246,660 Softs 3,320,925 Total options purchased $ 11,717,392 ** Liabilities Options Written Energy $ (678,960) Grains (5,583,325) Livestock (2,728,990) Softs (3,535,564) Total options written $ (12,526,839) *** * This amount is included in “Net unrealized appreciation on open futures contracts” on the Master’s Statements of Financial Condition. ** This amount is included in “Options purchased, at fair value” on the Master’s Statements of Financial Condition. *** This amount is included in “Options written, at fair value” on the Master’s Statements of Financial Condition. The following table indicates the Master’s total trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2015 and 2014. Three Months Ended Nine Months Ended September 30, September 30, Sector 2015 2014 2015 2014 Currencies $ (26,599) $ - $ (26,599) $ - Energy (582,835) 2,079,186 5,292,834 (1,811,959) Grains (1,627,097) 21,561,783 2,287,002 30,000,239 Livestock (792,988) (118,846) 1,205,155 (3,259,954) Metals (4,442,351) - (7,140,253) (70,689) Softs 1,269,038 (10,229,739) (1,189,890) (11,368,367) Total $ (6,202,832) * $ 13,292,384 * $ 428,249 * $ 13,489,270 * * This amount is in “Total trading results” on the Master’s Statements of Income and Expenses and Changes in Partners’ Capital.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: Master’s Fair Value Measurements. The Master considers prices for exchange-traded commodity futures, forward, option and swap contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded As of and for the periods ended September 30, 2015 and December 31, 2014, the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting period. During the nine months ended September 30, 2015 and for the year ended December 31, 2014, there were no transfers of assets or liabilities between Level 1 and Level 2. September 30, 2015 Level 1 Level 2 Level 3 Assets Futures $ 4,830,370 $ 4,830,370 $ - $ - Forwards 2,072,778 2,072,778 - - Options purchased 11,759,344 11,759,344 - - Total assets $ 18,662,492 $ 18,662,492 $ - $ - Liabilities Futures $ 5,198,272 $ 5,198,272 $ - $ - Forwards 1,553,130 1,553,130 - - Options written 8,784,653 8,784,653 - - Total liabilities 15,536,055 15,536,055 - - Net fair value $ 3,126,437 $ 3,126,437 $ - $ - December 31, 2014 Level 1 Level 2 Level 3 Assets Futures $ 31,357,685 $ 31,357,685 $ - $ - Options purchased 11,717,392 11,717,392 - - Total assets $ 43,075,077 $ 43,075,077 $ - $ - Liabilities Futures $ 29,235,180 $ 29,235,180 $ - $ - Options written 12,526,839 12,526,839 - - Total liabilities 41,762,019 41,762,019 - - Net fair value $ 1,313,058 $ 1,313,058 $ - $ -

Financial Instrument Risks

Financial Instrument Risks	9 Months Ended
	Sep. 30, 2015
Investments, All Other Investments [Abstract]
Financial Instrument Risks	6. Financial Instrument Risks: In the normal course of business, the Partnership, indirectly through its investment in the Master, is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include futures, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, option and swap contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. None of the Partnership’s/Master’s contracts are traded OTC, although contracts may be traded OTC in the future. The Master trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Master. When the contract is closed, the Master records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and net change in unrealized gains (losses) on futures contracts are included in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Master are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Master on each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Master. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Master records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and net change in unrealized gains (losses) on metal contracts are included in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital. The Master may purchase and write (sell) both exchange-listed and OTC options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Master writes an option, the premium received is recorded as a liability in the Master’s Statements of Financial Condition and marked-to-market daily. When the Master purchases an option, the premium paid is recorded as an asset in the Master’s Statements of Financial Condition and marked-to-market daily. Net realized gains (losses) and net change in unrealized gains (losses) on option contracts are included in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital. The risk to the limited partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law. Market risk is the potential for changes in the value of the financial instruments traded by the Partnership/Master due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership/Master is exposed to a market risk equal to the value of the futures and forward contracts purchased and unlimited liability on such contracts sold short. Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s/Master’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s/Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Master has credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate is the sole counterparty or broker with respect to the Partnership’s/Master’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s/Master’s counterparty is an exchange or clearing organization. As both a buyer and seller of options, the Partnership/Master pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership/Master to potentially unlimited liability; for purchased options the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Partnership/Master does not consider these contracts to be guarantees. The General Partner monitors and attempts to control the Partnership’s/Master’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Master may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions. The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s/Master’s business, these instruments may not be held to maturity.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and has determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements.

Basis of Presentation and Sum13

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Partnership's Investment	Partnership’s Investment:
Master's Investments	Master’s Investments: All commodity interests held by the Master, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Master’s Statements of Financial Condition. Net realized gains or losses and any net change in unrealized gains or losses from the preceding period are reported in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital.
Master's Cash	Master’s Cash
Investment Company Status	Investment Company Status: Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Income Taxes	Income Taxes:
Net Income (loss) per unit	Net Income (loss) per unit:
Recent Accounting Pronouncement	Recent Accounting Pronouncement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014.

Basis of Presentation and Sum14

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Statements of Financial Condition	MB Master Fund L.P. Statements of Financial Condition (Unaudited) September 30, December 31, 2015 2014 Assets: Equity in trading account: Cash $ 181,239,882 $ 225,656,546 Cash margin 5,482,537 11,952,370 Net unrealized appreciation on open futures contracts - 2,122,505 Net unrealized appreciation on open forward contracts 519,648 - Options purchased, at fair value (cost $15,270,335 and $11,720,470 at September 30, 2015 and December 31, 2014, respectively) 11,759,344 11,717,392 Total trading equity 199,001,411 251,448,813 Expense reimbursement 22,183 3,774 Total assets $ 199,023,594 $ 251,452,587 Liabilities and Partners’ Capital: Liabilities: Net unrealized depreciation on open futures contracts $ 367,902 $ - Options written, at fair value (premium $9,958,687 and $13,275,727 at 8,784,653 12,526,839 Accrued expenses: Clearing fees due to MS&Co. - 31,358 Professional fees 40,538 56,368 Redemptions payable - 10,689,151 Total liabilities 9,193,093 23,303,716 Partners’ Capital: General Partner - - Limited Partners 189,830,501 228,148,871 Total liabilities and partners’ capital $ 199,023,594 $ 251,452,587
Condensed Schedule of Investments	MB Master Fund L.P. Condensed Schedule of Investments September 30, 2015 (Unaudited) Number % of Partners’ of Contracts Fair Value Capital Futures Contracts Purchased Energy 677 $ (887,660) (0.47) % Grains 5,453 2,881,775 1.52 Livestock 73 (91,985) (0.05) Softs 842 162,607 0.09 Total futures contracts purchased 2,064,737 1.09 Futures Contracts Sold Energy 677 843,550 0.44 Grains 5,573 (3,277,976) (1.72) Softs 773 1,787 0.00 * Total futures contracts sold (2,432,639) (1.28) Net unrealized depreciation on open futures contracts $ (367,902) (0.19) Unrealized Appreciation on Open Forward Contracts Metals 342 $ 2,072,778 1.09 Total unrealized appreciation on open forward contracts 2,072,778 1.09 Unrealized Depreciation on Open Forward Contracts Metals 256 (1,553,130) (0.82) Total unrealized depreciation on open forward contracts (1,553,130) (0.82) Net unrealized appreciation on open forward contracts $ 519,648 0.27 Options Purchased Calls Energy 5,624 $ 5,058,620 2.66 Grains 6,001 3,510,263 1.85 Softs 4,504 1,946,135 1.03 Puts Energy 482 154,240 0.08 Grains 1,549 469,994 0.25 Livestock 196 11,760 0.01 Softs 747 608,332 0.32 Total options purchased (cost $15,270,335) $ 11,759,344 6.20 Options Written Calls Energy 3,488 $ (5,567,880) (2.93) Grains 1,919 (1,632,738) (0.86) Softs 2,511 (311,157) (0.17) Puts Energy 482 (289,200) (0.15) Grains 1,908 (672,025) (0.36) Softs 679 (311,653) (0.16) Total options written (premium $9,958,687) $ (8,784,653) (4.63) Net fair value $ 3,126,437 1.65 % * Due to rounding MB Master Fund L.P. Condensed Schedule of Investments December 31, 2014 Number % of Partners’ of Contracts Fair Value Capital Futures Contracts Purchased Energy RBOB Gasoline April 15 - June 15 1,662 $ (26,440,042) (11.59) % Other 103 (781,530) (0.34) Grains 1,918 (1,106,332) (0.49) Softs 122 (143,685) (0.06) Total futures contracts purchased (28,471,589) (12.48) Futures Contracts Sold Energy NY Harbor ULSD June 15 989 24,702,136 10.83 Other 774 5,085,247 2.23 Grains 2,283 441,864 0.19 Livestock 590 348,405 0.15 Softs 259 16,442 0.01 Total futures contracts sold 30,594,094 13.41 Net unrealized appreciation on open futures contracts $ 2,122,505 0.93 Options Purchased Calls Energy 732 $ 104,920 0.05 Grains 1,987 3,975,845 1.74 Livestock 802 1,404,320 0.62 Softs 1,720 985,384 0.43 Puts Grains 2,292 2,069,042 0.91 Livestock 1,674 842,340 0.37 Softs 375 2,335,541 1.02 Total options purchased (cost $11,720,470) $ 11,717,392 5.14 Options Written Calls Grains 1,987 $ (5,323,670) (2.33) Livestock 802 (2,728,990) (1.20) Softs 2,468 (318,207) (0.14) Puts Energy 246 (678,960) (0.30) Grains 1,222 (259,655) (0.11) Softs 375 (3,217,357) (1.41) Total options written (premium $13,275,727) $ (12,526,839) (5.49) Net fair value $ 1,313,058 0.58 %
Statements of Income and Expenses and Changes in Partners' Capital	MB Master Fund L.P. Statements of Income and Expenses and Changes in Partners’ Capital (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Investment Income: Interest income $ 2,752 $ 6,660 $ 10,438 $ 34,166 Expenses: Clearing fees 1,115,875 1,193,921 2,738,644 3,833,324 Professional fees 21,644 24,418 69,867 79,484 Total expenses 1,137,519 1,218,339 2,808,511 3,912,808 Expense reimbursements (58,000) (14,265) (94,462) (42,487) Net expenses 1,079,519 1,204,074 2,714,049 3,870,321 Net investment income (loss) (1,076,767) (1,197,414) (2,703,611) (3,836,155) Trading results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (8,882,045) 12,412,338 5,481,775 16,956,772 Net change in unrealized gains (losses) on open contracts 2,679,213 880,046 (5,053,526) (3,467,502) Total trading results (6,202,832) 13,292,384 428,249 13,489,270 Net income (loss) (7,279,599) 12,094,970 (2,275,362) 9,653,115 Subscriptions—Limited Partners 3,982,550 1,661,365 23,869,677 9,181,027 Redemptions—Limited Partners (23,602,913) (17,194,012) (59,903,164) (75,585,398) Distribution of interest income to feeder funds (1,835) (6,660) (9,521) (34,166) Net increase (decrease) in Partners’ Capital (26,901,797) (3,444,337) (38,318,370) (56,785,422) Partners’ Capital, beginning of period 216,732,298 258,489,552 228,148,871 311,830,637 Partners’ Capital, end of period $ 189,830,501 $ 255,045,215 $ 189,830,501 $ 255,045,215

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Changes in Net Asset Value Per Unit	Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net realized and unrealized gains (losses) $ (42.50) $ 74.53 $ (3.14) $ 79.21 Net investment loss (23.34) (22.93) (65.30) (72.39) Increase (decrease) for the period (65.84) 51.60 (68.44) 6.82 Net asset Value per Unit, beginning of period 1,395.66 1,403.23 1,398.26 1,448.01 Net asset value per Unit, end of period $ 1,329.82 $ 1,454.83 $ 1,329.82 $ 1,454.83 Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Ratios to Average Net Assets:* Net investment loss** (6.8) % (6.4) % (6.3) % (7.0) % Operating expense 6.9 % 6.4 % 6.3 % 7.0 % Incentive fees - % - % - % - % Total expenses and incentive fees 6.9 % 6.4 % 6.3 % 7.0 % Total return: Total return before incentive fees (4.7) % 3.7 % (4.9) % 0.5 % Incentive fees - % - % - % - % Total return after incentive fees (4.7) % 3.7 % (4.9) % 0.5 % * Annualized (except for incentive fees, if applicable) ** Interest income allocated from Master less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets of the Partnership and includes the income and expenses allocated from the Master. Financial Highlights of the Master: Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Ratios to average net assets: 1 Net investment loss 2 (2.1)% (1.8)% (1.6)% (1.9)% Operating expenses before expense reimbursements 2.2 % 1.9 % 1.7 % 1.9 % Expense reimbursements (0.1)% (0.0)% 3 (0.1)% (0.0)% 3 Operating expenses after expense reimbursements 2.1 % 1.9 % 1.6 % 1.9 % Total return (3.5)% 4.8 % (1.4)% 4.1 % 1 Annualized. 2 Interest income less total expenses, net of expense reimbursements. 3. Due to rounding.

Trading Activities (Tables)

Trading Activities (Tables)	9 Months Ended
	Sep. 30, 2015
Brokers and Dealers [Abstract]
Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Master's Derivatives and their Offsetting Subject to Master Netting Arrangements or Similar Agreements	The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2015 and December 31, 2014, respectively. Gross Amounts Not Offset in the Gross Amounts Offset Amounts Presented Statements of Financial Condition Gross Amounts in the Statements of in the Statements of Financial Cash Collateral September 30, 2015 Recognized Financial Condition Financial Condition Instruments (Received)/Pledged 1 Net Amount Assets: Futures $ 4,830,370 $ (4,830,370) $ - $ - $ - $ - Forwards 2,072,778 (1,553,130) 519,648 - - 519,648 Options purchased 11,759,344 - 11,759,344 (8,784,653) - 2,974,691 Total assets 18,662,492 (6,383,500) 12,278,992 (8,784,653) - 3,494,339 Liabilities: Futures $ (5,198,272) $ 4,830,370 $ (367,902) $ - $ - $ (367,902) Forwards (1,553,130) 1,553,130 - - - - Options written (8,784,653) - (8,784,653) 8,784,653 - - Total liabilites (15,536,055) 6,383,500 (9,152,555) 8,784,653 - (367,902) Net fair value $ 3,126,437 1 Gross Amounts Not Offset in the Gross Amounts Offset Amounts Presented Statements of Financial Condition Gross Amounts in the Statements of in the Statements of Financial Cash Collateral December 31, 2014 Recognized Financial Condition Financial Condition Instruments (Received)/Pledged 1 Net Amount Assets: Futures $ 31,357,685 $ (29,235,180) $ 2,122,505 $ - $ - $ 2,122,505 Options purchased 11,717,392 - 11,717,392 (11,717,392) - - Total assets 43,075,077 (29,235,180) 13,839,897 (11,717,392) - 2,122,505 Liabilities: Futures $ (29,235,180) $ 29,235,180 $ - $ - $ - $ - Options written (12,526,839) - (12,526,839) 11,717,392 - (809,447) Total liabilites (41,762,019) 29,235,180 (12,526,839) 11,717,392 - (809,447) Net fair value $ 1,313,058 1 1 In the event of default by the Master, MS&Co., the Master’s commodity futures broker and the sole counterparty to the Master’s off-exchange-traded contracts, as applicable, has the right to offset the Master’s obligation with the Master’s cash held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Master is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Master’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.
Gross Fair Values of Derivative Instruments of Futures, Forward and Options Contracts	The following tables indicate the Master’s gross fair values of derivative instruments of futures, forward and option contracts as separate assets and liabilities as of September 30, 2015 and December 31, 2014, respectively. September 30, 2015 Assets Futures Contracts Energy $ 843,550 Grains 3,205,403 Softs 781,417 Total unrealized appreciation on open futures contracts $ 4,830,370 Liabilities Futures Contracts Energy $ (887,660) Grains (3,601,604) Livestock (91,985) Softs (617,023) Total unrealized depreciation on open futures contracts $ (5,198,272) Net unrealized depreciation on open futures contracts $ (367,902) * Assets Forward Contracts Metals $ 2,072,778 Total unrealized appreciation on open forward contracts $ 2,072,778 Liabilities Forward Contracts Metals $ (1,553,130) Total unrealized depreciation on open forward contracts $ (1,553,130) Net unrealized appreciation on open forward contracts $ 519,648 ** Assets Options Purchased Energy $ 5,212,860 Grains 3,980,257 Livestock 11,760 Softs 2,554,467 Total options purchased $ 11,759,344 *** Liabilities Options Written Energy $ (5,857,080) Grains (2,304,763) Softs (622,810) Total options written $ (8,784,653) **** * This amount is in “Net unrealized depreciation on open futures contracts” on the Master’s Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” on the Master’s Statements of Financial Condition. *** This amount is in “Options purchased, at fair value” on the Master’s Statements of Financial Condition. **** This amount is in “Options written, at fair value” on the Master’s Statements of Financial Condition. December 31, 2014 Assets Futures Contracts Energy $ 29,821,382 Grains 1,137,234 Livestock 360,642 Softs 38,427 Total unrealized appreciation on open futures contracts $ 31,357,685 Liabilities Futures Contracts Energy $ (27,255,571) Grains (1,801,702) Livestock (12,237) Softs (165,670) Total unrealized depreciation on open futures contracts $ (29,235,180) Net unrealized appreciation on open futures contracts $ 2,122,505 * Assets Options Purchased Energy $ 104,920 Grains 6,044,887 Livestock 2,246,660 Softs 3,320,925 Total options purchased $ 11,717,392 ** Liabilities Options Written Energy $ (678,960) Grains (5,583,325) Livestock (2,728,990) Softs (3,535,564) Total options written $ (12,526,839) *** * This amount is included in “Net unrealized appreciation on open futures contracts” on the Master’s Statements of Financial Condition. ** This amount is included in “Options purchased, at fair value” on the Master’s Statements of Financial Condition. *** This amount is included in “Options written, at fair value” on the Master’s Statements of Financial Condition.
Trading Gains and Losses by Market Sector on Derivative Instruments	The following table indicates the Master’s total trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2015 and 2014. Three Months Ended Nine Months Ended September 30, September 30, Sector 2015 2014 2015 2014 Currencies $ (26,599) $ - $ (26,599) $ - Energy (582,835) 2,079,186 5,292,834 (1,811,959) Grains (1,627,097) 21,561,783 2,287,002 30,000,239 Livestock (792,988) (118,846) 1,205,155 (3,259,954) Metals (4,442,351) - (7,140,253) (70,689) Softs 1,269,038 (10,229,739) (1,189,890) (11,368,367) Total $ (6,202,832) * $ 13,292,384 * $ 428,249 * $ 13,489,270 * * This amount is in “Total trading results” on the Master’s Statements of Income and Expenses and Changes in Partners’ Capital.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Derivative Instrument Fair Value Based on Hierarchy	September 30, 2015 Level 1 Level 2 Level 3 Assets Futures $ 4,830,370 $ 4,830,370 $ - $ - Forwards 2,072,778 2,072,778 - - Options purchased 11,759,344 11,759,344 - - Total assets $ 18,662,492 $ 18,662,492 $ - $ - Liabilities Futures $ 5,198,272 $ 5,198,272 $ - $ - Forwards 1,553,130 1,553,130 - - Options written 8,784,653 8,784,653 - - Total liabilities 15,536,055 15,536,055 - - Net fair value $ 3,126,437 $ 3,126,437 $ - $ - December 31, 2014 Level 1 Level 2 Level 3 Assets Futures $ 31,357,685 $ 31,357,685 $ - $ - Options purchased 11,717,392 11,717,392 - - Total assets $ 43,075,077 $ 43,075,077 $ - $ - Liabilities Futures $ 29,235,180 $ 29,235,180 $ - $ - Options written 12,526,839 12,526,839 - - Total liabilities 41,762,019 41,762,019 - - Net fair value $ 1,313,058 $ 1,313,058 $ - $ -

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($)	Feb. 01, 2013	Sep. 06, 2005	Mar. 31, 2014	Sep. 30, 2014	Sep. 30, 2015
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partnership organization formation date					Apr. 20, 2005
Number of units sold during initial offering period		11,925
Maximum number of units sold by partnership					0
Annual rate of General Partner fee					1.00%
Morgan Stanley Wealth Management [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ongoing selling agent fee			3.75%	2.50%	2.00%
Limited Partners [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Cash value, Partnership purchased	$ 262,944,186
Annual rate of General Partner fee					0.50%

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percentage of Partnership owned	86.80%	91.70%
Cash denominated in foreign currencies	$ 834,943	$ 3,977,703	$ 834,943
Cost of foreign currencies	$ 844,217		844,217
Provision for income tax			$ 0

Basis of Presentation and Sum20

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Equity in trading account:
Cash	$ 242,130	$ 172,531
Total assets	164,957,233	209,461,299
Accrued expenses:
Total liabilities	2,851,807	6,585,940
Partners' Capital:
General Partner	1,743,316	2,304,961
Limited Partners	160,362,110	200,570,398
Total liabilities and partners' capital	164,957,233	209,461,299
MB Master Fund L.P. [Member]
Equity in trading account:
Cash	181,239,882	225,656,546
Cash margin	5,482,537	11,952,370
Options purchased, at fair value (cost $15,270,335 and $11,720,470 at September 30, 2015 and December 31, 2014, respectively)	11,759,344	11,717,392
Total trading equity	199,001,411	251,448,813
Expense reimbursement	22,183	3,774
Total assets	199,023,594	251,452,587
Liabilities:
Options written, at fair value (premium $9,958,687 and $13,275,727 at September 30, 2015 and December 31, 2014, respectively)	8,784,653	12,526,839
Accrued expenses:
Clearing fees due to MS&Co.		31,358
Professional fees	40,538	56,368
Redemptions payable		10,689,151
Total liabilities	9,193,093	23,303,716
Partners' Capital:
General Partner	0	0
Limited Partners	189,830,501	228,148,871
Total liabilities and partners' capital	199,023,594	251,452,587
MB Master Fund L.P. [Member] | Futures [Member]
Equity in trading account:
Net unrealized appreciation on open contracts		$ 2,122,505
Liabilities:
Net unrealized depreciation on open futures contracts	367,902
MB Master Fund L.P. [Member] | Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open contracts	$ 519,648

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Parenthetical) (Detail) - MB Master Fund L.P. [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Condensed Balance Sheet Statements, Captions [Line Items]
Cost of options purchased	$ 15,270,335	$ 11,720,470
Stock option redemption premium	$ 9,958,687	$ 13,275,727

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Schedule of Investments (Detail) - MB Master Fund L.P. [Member]	Sep. 30, 2015USD ($)Derivative	Dec. 31, 2014USD ($)Derivative
Schedule of Investments [Line Items]
Net unrealized appreciation on open futures/forward contracts	$ 3,126,437	$ 1,313,058
Investment in Master, at fair value		$ 2,122,505
% of Partners' Capital	1.65%	0.58%
Futures [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value	$ (367,902)	$ 2,122,505
Net unrealized appreciation on open futures/forward contracts		$ 2,122,505
Net unrealized depreciation on futures/forward contracts	$ (367,902)
% of Partners' Capital	(0.19%)	0.93%
Futures [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value	$ 2,064,737	$ (28,471,589)
% of Partners' Capital	1.09%	(12.48%)
Futures [Member] | Contracts Purchased [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	677
Investment in Master, at fair value	$ (887,660)
% of Partners' Capital	(0.47%)
Futures [Member] | Contracts Purchased [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	5,453	1,918
Investment in Master, at fair value	$ 2,881,775	$ (1,106,332)
% of Partners' Capital	1.52%	(0.49%)
Futures [Member] | Contracts Purchased [Member] | Livestock [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	73
Investment in Master, at fair value	$ (91,985)
% of Partners' Capital	(0.05%)
Futures [Member] | Contracts Purchased [Member] | Softs [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	842	122
Investment in Master, at fair value	$ 162,607	$ (143,685)
% of Partners' Capital	0.09%	(0.06%)
Futures [Member] | Contracts Purchased [Member] | Equity [Member] | RBOB Gasoline [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		1,662
Investment in Master, at fair value		$ (26,440,042)
% of Partners' Capital		(11.59%)
Futures [Member] | Contracts Purchased [Member] | Other Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		103
Investment in Master, at fair value		$ (781,530)
% of Partners' Capital		(0.34%)
Futures [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value	$ (2,432,639)	$ 30,594,094
% of Partners' Capital	(1.28%)	13.41%
Futures [Member] | Contracts Sold [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	677
Investment in Master, at fair value	$ 843,550
% of Partners' Capital	0.44%
Futures [Member] | Contracts Sold [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	5,573	2,283
Investment in Master, at fair value	$ (3,277,976)	$ 441,864
% of Partners' Capital	(1.72%)	0.19%
Futures [Member] | Contracts Sold [Member] | Livestock [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		590
Investment in Master, at fair value		$ 348,405
% of Partners' Capital		0.15%
Futures [Member] | Contracts Sold [Member] | Softs [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	773	259
Investment in Master, at fair value	$ 1,787	$ 16,442
% of Partners' Capital	0.00%	0.01%
Futures [Member] | Contracts Sold [Member] | Equity [Member] | NY Harbor ULSD [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		989
Investment in Master, at fair value		$ 24,702,136
% of Partners' Capital		10.83%
Futures [Member] | Contracts Sold [Member] | Other Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		774
Investment in Master, at fair value		$ 5,085,247
% of Partners' Capital		2.23%
Forward Contracts [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value	$ 519,648
Net unrealized appreciation on open futures/forward contracts	$ 519,648
% of Partners' Capital	0.27%
Option [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value	$ 11,759,344	$ 11,717,392
% of Partners' Capital	6.20%	5.14%
Option [Member] | Contracts Purchased [Member] | Calls [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	5,624	732
Investment in Master, at fair value	$ 5,058,620	$ 104,920
% of Partners' Capital	2.66%	0.05%
Option [Member] | Contracts Purchased [Member] | Calls [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	6,001	1,987
Investment in Master, at fair value	$ 3,510,263	$ 3,975,845
% of Partners' Capital	1.85%	1.74%
Option [Member] | Contracts Purchased [Member] | Calls [Member] | Livestock [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		802
Investment in Master, at fair value		$ 1,404,320
% of Partners' Capital		0.62%
Option [Member] | Contracts Purchased [Member] | Calls [Member] | Softs [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	4,504	1,720
Investment in Master, at fair value	$ 1,946,135	$ 985,384
% of Partners' Capital	1.03%	0.43%
Option [Member] | Contracts Purchased [Member] | Puts [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	482
Investment in Master, at fair value	$ 154,240
% of Partners' Capital	0.08%
Option [Member] | Contracts Purchased [Member] | Puts [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	1,549	2,292
Investment in Master, at fair value	$ 469,994	$ 2,069,042
% of Partners' Capital	0.25%	0.91%
Option [Member] | Contracts Purchased [Member] | Puts [Member] | Livestock [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	196	1,674
Investment in Master, at fair value	$ 11,760	$ 842,340
% of Partners' Capital	0.01%	0.37%
Option [Member] | Contracts Purchased [Member] | Puts [Member] | Softs [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	747	375
Investment in Master, at fair value	$ 608,332	$ 2,335,541
% of Partners' Capital	0.32%	1.02%
Option [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value	$ (8,784,653)	$ (12,526,839)
% of Partners' Capital	(4.63%)	(5.49%)
Option [Member] | Contracts Sold [Member] | Calls [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	3,488
Investment in Master, at fair value	$ (5,567,880)
% of Partners' Capital	(2.93%)
Option [Member] | Contracts Sold [Member] | Calls [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	1,919	1,987
Investment in Master, at fair value	$ (1,632,738)	$ (5,323,670)
% of Partners' Capital	(0.86%)	(2.33%)
Option [Member] | Contracts Sold [Member] | Calls [Member] | Livestock [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		802
Investment in Master, at fair value		$ (2,728,990)
% of Partners' Capital		(1.20%)
Option [Member] | Contracts Sold [Member] | Calls [Member] | Softs [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	2,511	2,468
Investment in Master, at fair value	$ (311,157)	$ (318,207)
% of Partners' Capital	(0.17%)	(0.14%)
Option [Member] | Contracts Sold [Member] | Puts [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	482	246
Investment in Master, at fair value	$ (289,200)	$ (678,960)
% of Partners' Capital	(0.15%)	(0.30%)
Option [Member] | Contracts Sold [Member] | Puts [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	1,908	1,222
Investment in Master, at fair value	$ (672,025)	$ (259,655)
% of Partners' Capital	(0.36%)	(0.11%)
Option [Member] | Contracts Sold [Member] | Puts [Member] | Softs [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	679	375
Investment in Master, at fair value	$ (311,653)	$ (3,217,357)
% of Partners' Capital	(0.16%)	(1.41%)
Net Unrealized Appreciation On Open Forward Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation on open futures/forward contracts	$ 2,072,778
% of Partners' Capital	1.09%
Net Unrealized Appreciation On Open Forward Contracts [Member] | Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	342
Net unrealized appreciation on open futures/forward contracts	$ 2,072,778
% of Partners' Capital	1.09%
Net Unrealized Depreciation On Open Forward Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized depreciation on futures/forward contracts	$ (1,553,130)
% of Partners' Capital	(0.82%)
Net Unrealized Depreciation On Open Forward Contracts [Member] | Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	256
Net unrealized depreciation on futures/forward contracts	$ (1,553,130)
% of Partners' Capital	(0.82%)

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Schedule of Investments (Parenthetical) (Detail) - MB Master Fund L.P. [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Stock option redemption premium	$ 9,958,687	$ 13,275,727
Contracts Purchased [Member] | Option [Member]
Schedule of Investments [Line Items]
Cost of options purchased	15,270,335	11,720,470
Contracts Sold [Member] | Option [Member]
Schedule of Investments [Line Items]
Stock option redemption premium	$ 9,958,687	$ 13,275,727

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Income and Expenses and Changes in Partners' Capital (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investment Income:
Interest income	$ 2,231	$ 5,652	$ 8,960	$ 28,631
Expenses:
Total expenses	2,983,375	3,578,677	9,033,305	12,112,675
Net investment income (loss)	(2,981,144)	(3,573,025)	(9,024,345)	(12,084,044)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	(7,700,628)	10,888,753	5,345,524	14,834,480
Net change in unrealized gains (losses) on open contracts	2,353,105	770,554	(4,571,181)	(2,871,377)
Total trading results	(5,347,523)	11,659,307	774,343	11,963,103
Net income (loss)	(8,328,667)	8,086,282	(8,250,002)	(120,941)
Subscriptions-Limited Partners	147,550	1,461,365	11,394,455	8,418,459
Net increase (decrease) in Partners' Capital	(21,190,071)	(2,738,037)	(40,769,933)	(40,743,223)
Partners' Capital, beginning of period	183,295,497	221,718,116	202,875,359	259,723,302
Partners' Capital, end of period	162,105,426	218,980,079	162,105,426	218,980,079
MB Master Fund L.P. [Member]
Investment Income:
Interest income	2,752	6,660	10,438	34,166
Expenses:
Clearing fees	1,115,875	1,193,921	2,738,644	3,833,324
Professional fees	21,644	24,418	69,867	79,484
Total expenses	1,137,519	1,218,339	2,808,511	3,912,808
Expense reimbursements	(58,000)	(14,265)	(94,462)	(42,487)
Net expenses	1,079,519	1,204,074	2,714,049	3,870,321
Net investment income (loss)	(1,076,767)	(1,197,414)	(2,703,611)	(3,836,155)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	(8,882,045)	12,412,338	5,481,775	16,956,772
Net change in unrealized gains (losses) on open contracts	2,679,213	880,046	(5,053,526)	(3,467,502)
Total trading results	(6,202,832)	13,292,384	428,249	13,489,270
Net income (loss)	(7,279,599)	12,094,970	(2,275,362)	9,653,115
Subscriptions-Limited Partners	3,982,550	1,661,365	23,869,677	9,181,027
Redemptions-Limited Partners	(23,602,913)	(17,194,012)	(59,903,164)	(75,585,398)
Distribution of interest income to feeder funds	(1,835)	(6,660)	(9,521)	(34,166)
Net increase (decrease) in Partners' Capital	(26,901,797)	(3,444,337)	(38,318,370)	(56,785,422)
Partners' Capital, beginning of period	216,732,298	258,489,552	228,148,871	311,830,637
Partners' Capital, end of period	$ 189,830,501	$ 255,045,215	$ 189,830,501	$ 255,045,215

Financial Highlights - Change i

Financial Highlights - Change in Net Asset Value Per Unit (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Changes in the net asset value per unit:
Net asset Value per Unit, beginning of period			$ 1,398.26
Net asset value per Unit, end of period	$ 1,329.82	$ 1,454.83	$ 1,329.82	$ 1,454.83
MB Master Fund L.P. [Member]
Ratios to Average Net Assets:
Net investment loss	(2.10%)	(1.80%)	(1.60%)	(1.90%)
Operating expenses before expense reimbursements	2.20%	1.90%	1.70%	1.90%
Expense reimbursements	(0.10%)	0.00%	(0.10%)	0.00%
Operating expenses after expense reimbursements	2.10%	1.90%	1.60%	1.90%
Total return	(3.50%)	4.80%	(1.40%)	4.10%
Limited Partners [Member]
Changes in the net asset value per unit:
Net realized and unrealized gains (losses)	$ (42.50)	$ 74.53	$ (3.14)	$ 79.21
Net investment loss	(23.34)	(22.93)	(65.30)	(72.39)
Increase (decrease) for the period	(65.84)	51.60	(68.44)	6.82
Net asset Value per Unit, beginning of period	1,395.66	1,403.23	1,398.26	1,448.01
Net asset value per Unit, end of period	$ 1,329.82	$ 1,454.83	$ 1,329.82	$ 1,454.83
Ratios to Average Net Assets:
Net investment loss	(6.80%)	(6.40%)	(6.30%)	(7.00%)
Operating expense	6.90%	6.40%	6.30%	7.00%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total expenses and incentive fees	6.90%	6.40%	6.30%	7.00%
Total return:
Total return before incentive fees	(4.70%)	3.70%	(4.90%)	0.50%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total return after incentive fees	(4.70%)	3.70%	(4.90%)	0.50%

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015shares	Sep. 30, 2014shares	Sep. 30, 2015shares	Sep. 30, 2014shares
Brokers and Dealers [Abstract]
Average number of futures traded	12,360	10,669	10,066	13,140
Average number of options contracts traded	28,900	41,463	29,168	65,060
Average number of metals forward contracts traded	1,701	0	865	0

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Master's Derivatives and their Offsetting Subject to Master Netting Arrangements or Similar Agreements (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Amounts Presented in the Statements of Financial Condition, Assets	$ 18,662,492	$ 43,075,077
Gross Amounts Recognized, Liabilities	(15,536,055)	(41,762,019)
Net fair value	3,126,437	1,313,058
Options Written [Member]
Derivative [Line Items]
Gross Amounts Recognized, Liabilities	(8,784,653)	(12,526,839)
Options Purchased [Member]
Derivative [Line Items]
Amounts Presented in the Statements of Financial Condition, Assets	11,759,344	11,717,392
MB Master Fund L.P. [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	18,662,492	43,075,077
Gross Amounts Offset in the Statements of Financial Condition, Assets	(6,383,500)	(29,235,180)
Amounts Presented in the Statements of Financial Condition, Assets	12,278,992	13,839,897
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Financial Instruments	(8,784,653)	(11,717,392)
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Cash Collateral (Received)/Pledged	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Net Amount	3,494,339	2,122,505
Gross Amounts Recognized, Liabilities	(15,536,055)	(41,762,019)
Gross Amount Offset in the Statements of Financial Condition, Liabilities	6,383,500	29,235,180
Amounts Presented in the Statements of Financial Condition, Liabilities	(9,152,555)	(12,526,839)
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Financial Instruments	8,784,653	11,717,392
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged	0	0
Liabilities, Net Amount	(367,902)	(809,447)
Net fair value	3,126,437	1,313,058
MB Master Fund L.P. [Member] | Options Written [Member]
Derivative [Line Items]
Gross Amounts Recognized, Liabilities	(8,784,653)	(12,526,839)
Amounts Presented in the Statements of Financial Condition, Liabilities	(8,784,653)	(12,526,839)
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Financial Instruments	8,784,653	11,717,392
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged	0	0
Liabilities, Net Amount		(809,447)
MB Master Fund L.P. [Member] | Options Purchased [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	11,759,344	11,717,392
Amounts Presented in the Statements of Financial Condition, Assets	11,759,344	11,717,392
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Financial Instruments	(8,784,653)	(11,717,392)
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Cash Collateral (Received)/Pledged	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Net Amount	2,974,691
Futures [Member]
Derivative [Line Items]
Amounts Presented in the Statements of Financial Condition, Assets	4,830,370	31,357,685
Gross Amounts Recognized, Liabilities	(5,198,272)	(29,235,180)
Futures [Member] | MB Master Fund L.P. [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	4,830,370	31,357,685
Gross Amounts Offset in the Statements of Financial Condition, Assets	(4,830,370)	(29,235,180)
Amounts Presented in the Statements of Financial Condition, Assets		2,122,505
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Cash Collateral (Received)/Pledged	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Net Amount		2,122,505
Gross Amounts Recognized, Liabilities	(5,198,272)	(29,235,180)
Gross Amount Offset in the Statements of Financial Condition, Liabilities	4,830,370	29,235,180
Amounts Presented in the Statements of Financial Condition, Liabilities	(367,902)
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged	0	$ 0
Liabilities, Net Amount	(367,902)
Forward Contracts [Member]
Derivative [Line Items]
Amounts Presented in the Statements of Financial Condition, Assets	2,072,778
Gross Amounts Recognized, Liabilities	(1,553,130)
Forward Contracts [Member] | MB Master Fund L.P. [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	2,072,778
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,553,130)
Amounts Presented in the Statements of Financial Condition, Assets	519,648
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Cash Collateral (Received)/Pledged	0
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Net Amount	519,648
Gross Amounts Recognized, Liabilities	(1,553,130)
Gross Amount Offset in the Statements of Financial Condition, Liabilities	1,553,130
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged	$ 0

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures, Forward and Options Contracts (Detail) - MB Master Fund L.P. [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Net unrealized appreciation (depreciation) on open contracts		$ 2,122,505
Futures [Member]
Derivatives, Fair Value [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ (367,902)	2,122,505
Total unrealized appreciation on open futures and forward contracts		2,122,505
Derivative liabilities	(367,902)
Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Net unrealized appreciation (depreciation) on open contracts	519,648
Total unrealized appreciation on open futures and forward contracts	519,648
Derivative Assets [Member] | Options Purchased [Member]
Derivatives, Fair Value [Line Items]
Total unrealized appreciation on open futures and forward contracts	11,759,344	11,717,392
Derivative Assets [Member] | Options Purchased [Member] | Energy [Member]
Derivatives, Fair Value [Line Items]
Total unrealized appreciation on open futures and forward contracts	5,212,860	104,920
Derivative Assets [Member] | Options Purchased [Member] | Grains [Member]
Derivatives, Fair Value [Line Items]
Total unrealized appreciation on open futures and forward contracts	3,980,257	6,044,887
Derivative Assets [Member] | Options Purchased [Member] | Softs [Member]
Derivatives, Fair Value [Line Items]
Total unrealized appreciation on open futures and forward contracts	2,554,467	3,320,925
Derivative Assets [Member] | Options Purchased [Member] | Livestock [Member]
Derivatives, Fair Value [Line Items]
Total unrealized appreciation on open futures and forward contracts	11,760	2,246,660
Derivative Assets [Member] | Futures [Member]
Derivatives, Fair Value [Line Items]
Total unrealized appreciation on open futures and forward contracts	4,830,370	31,357,685
Derivative Assets [Member] | Futures [Member] | Energy [Member]
Derivatives, Fair Value [Line Items]
Total unrealized appreciation on open futures and forward contracts	843,550	29,821,382
Derivative Assets [Member] | Futures [Member] | Grains [Member]
Derivatives, Fair Value [Line Items]
Total unrealized appreciation on open futures and forward contracts	3,205,403	1,137,234
Derivative Assets [Member] | Futures [Member] | Softs [Member]
Derivatives, Fair Value [Line Items]
Total unrealized appreciation on open futures and forward contracts	781,417	38,427
Derivative Assets [Member] | Futures [Member] | Livestock [Member]
Derivatives, Fair Value [Line Items]
Total unrealized appreciation on open futures and forward contracts		360,642
Derivative Assets [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Total unrealized appreciation on open futures and forward contracts	2,072,778
Derivative Assets [Member] | Forward Contracts [Member] | Metals [Member]
Derivatives, Fair Value [Line Items]
Total unrealized appreciation on open futures and forward contracts	2,072,778
Derivative Liabilities [Member] | Options Written [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(8,784,653)	(12,526,839)
Derivative Liabilities [Member] | Options Written [Member] | Energy [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(5,857,080)	(678,960)
Derivative Liabilities [Member] | Options Written [Member] | Grains [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(2,304,763)	(5,583,325)
Derivative Liabilities [Member] | Options Written [Member] | Softs [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(622,810)	(3,535,564)
Derivative Liabilities [Member] | Options Written [Member] | Livestock [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities		(2,728,990)
Derivative Liabilities [Member] | Futures [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(5,198,272)	(29,235,180)
Derivative Liabilities [Member] | Futures [Member] | Energy [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(887,660)	(27,255,571)
Derivative Liabilities [Member] | Futures [Member] | Grains [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(3,601,604)	(1,801,702)
Derivative Liabilities [Member] | Futures [Member] | Softs [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(617,023)	(165,670)
Derivative Liabilities [Member] | Futures [Member] | Livestock [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(91,985)	$ (12,237)
Derivative Liabilities [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(1,553,130)
Derivative Liabilities [Member] | Forward Contracts [Member] | Metals [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (1,553,130)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments (Detail) - MB Master Fund L.P. [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Trading Activity, Gains and Losses, Net [Line Items]
Trading gains and losses	$ (6,202,832)	$ 13,292,384	$ 428,249	$ 13,489,270
Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gains and losses	(26,599)		(26,599)
Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gains and losses	(582,835)	2,079,186	5,292,834	(1,811,959)
Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gains and losses	(1,627,097)	21,561,783	2,287,002	30,000,239
Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gains and losses	(792,988)	(118,846)	1,205,155	(3,259,954)
Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gains and losses	(4,442,351)		(7,140,253)	(70,689)
Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gains and losses	$ 1,269,038	$ (10,229,739)	$ (1,189,890)	$ (11,368,367)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Transfers of assets between Level 1 and Level 2	$ 0	$ 0
Transfers of liabilities between Level 1 and Level 2	$ 0	$ 0

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instrument Fair Value Based on Hierarchy (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative assets	$ 18,662,492	$ 43,075,077
Derivative liabilities	15,536,055	41,762,019
Net fair value	3,126,437	1,313,058
Options Purchased [Member]
Derivative [Line Items]
Derivative assets	11,759,344	11,717,392
Options Written [Member]
Derivative [Line Items]
Derivative liabilities	8,784,653	12,526,839
Futures [Member]
Derivative [Line Items]
Derivative assets	4,830,370	31,357,685
Derivative liabilities	5,198,272	29,235,180
Forward Contracts [Member]
Derivative [Line Items]
Derivative assets	2,072,778
Derivative liabilities	1,553,130
Level 1 [Member]
Derivative [Line Items]
Derivative assets	18,662,492	43,075,077
Derivative liabilities	15,536,055	41,762,019
Net fair value	3,126,437	1,313,058
Level 1 [Member] | Options Purchased [Member]
Derivative [Line Items]
Derivative assets	11,759,344	11,717,392
Level 1 [Member] | Options Written [Member]
Derivative [Line Items]
Derivative liabilities	8,784,653	12,526,839
Level 1 [Member] | Futures [Member]
Derivative [Line Items]
Derivative assets	4,830,370	31,357,685
Derivative liabilities	5,198,272	$ 29,235,180
Level 1 [Member] | Forward Contracts [Member]
Derivative [Line Items]
Derivative assets	2,072,778
Derivative liabilities	$ 1,553,130

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015
Investments, All Other Investments [Abstract]
Financial instruments maturity period	1 year